This table shows the labor supply as a function of wages and the values of marginal product as a function of the number of laborers
-If the actual wage is $5,there will be
A) downward pressure on the wage because of the excess supply of labor.
B) no tendency toward change because $5 is the equilibrium wage.
C) upward pressure on the wage because the labor supply function is horizontal.
D) upward pressure on the wage because of the excess demand for labor.
E) a reduction in the supply of labor.
Correct Answer:
Verified
Q21: Which of the following is the best
Q22: The following question are based on the
Q23: The demand for labor (and other inputs),not
Q24: Under perfect competition,the supply curve of labor
Q25: Wage differentials that persist in labor markets
Q27: After some point,increased real wage rates that
Q28: Approximately _ percent of nonfarm workers in
Q29: The following question are based on the
Q30: The existence of noncompeting groups and other
Q31: In a perfectly competitive economy,individuals would be
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents